Investment Rating - The report assigns a "Buy" rating for Chengdu Bank, indicating a positive outlook for the stock over the next six months [15]. Core Insights - Chengdu Bank reported a total operating income of 22.98 billion yuan in 2024, reflecting a year-on-year growth of 5.89%. The net profit attributable to shareholders reached 12.86 billion yuan, up 10.17% year-on-year [2][3]. - The bank's net interest income grew by 4.57% to 18.46 billion yuan, accounting for 80.33% of total revenue, although this represents a slight decrease in proportion compared to the previous year [3][17]. - The loan portfolio expanded significantly, with total loans amounting to 741.32 billion yuan, a year-on-year increase of 18.72%. Corporate loans grew by 20.25% to 602.62 billion yuan, while personal loans increased by 12.46% to 138.70 billion yuan [3][4]. - Deposits also saw growth, reaching 865.71 billion yuan, up 13.20% year-on-year. Personal deposits grew by 23.79%, now making up 50.64% of total deposits [4]. - The bank's net interest margin was reported at 1.66%, a decrease of 0.15 percentage points year-on-year, but the decline in margin has narrowed compared to previous periods [4][18]. - Asset quality improved, with a non-performing loan ratio of 0.66%, down 0.02 percentage points year-on-year. Corporate loans showed a non-performing rate of 0.63%, while personal loans increased to 0.78% [5][20]. - Capital adequacy ratios improved, with the core Tier 1 capital ratio at 9.06%, up 0.84 percentage points year-on-year [5][22]. Financial Summary - The bank's total assets reached 1.25 trillion yuan, a year-on-year increase of 14.56% [16]. - Forecasted net profits for 2025, 2026, and 2027 are expected to be 14.13 billion yuan, 15.46 billion yuan, and 16.71 billion yuan, respectively, indicating continued growth [5][26].

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [2] Core Views - The bank's revenue for 2024 and Q1 2025 showed year-on-year growth of 5.9% and 3.2%, respectively, while net profit attributable to shareholders increased by 10.2% and 5.6% [5][7] - The bank's strategy focuses on achieving sustainable growth in return on equity (ROE) above 15%, despite a temporary dip due to convertible bond dilution [7][10] - The bank's non-performing loan (NPL) ratio remains at a low level of 0.66%, with a high provision coverage ratio of 456% [7][10] Financial Data and Profit Forecast - Total revenue is projected to grow from 21,702.19 million in 2023 to 23,985.39 million in 2025E, with a year-on-year growth rate of 4.37% [6] - Net profit attributable to shareholders is expected to increase from 11,671.12 million in 2023 to 13,617.38 million in 2025E, reflecting a growth rate of 5.90% [6] - The bank's ROE is forecasted to decline from 18.78% in 2023 to 15.66% in 2025E [6] Loan Growth and Composition - The bank's loan growth remains strong, with a 16.9% increase in Q1 2025, driven primarily by corporate loans, which grew approximately 18% [7][11] - Retail loans are gradually improving, with Q1 2025 showing an increase of 23 million, compared to 10 million in the same period last year [7][11] Interest Margin and Cost Management - The net interest margin is projected to decline to 1.58% in Q1 2025, down 15 basis points year-on-year, with a focus on improving funding costs [10][14] - The bank's cost-to-income ratio has improved, contributing positively to profit growth [7][10] Risk Management - The bank maintains a low NPL ratio and a strong provision coverage, indicating effective risk management practices [10][11]

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.74 CNY [1]. Core Views - Chengdu Bank's revenue for 2024 reached 23 billion CNY, a year-on-year increase of 5.9%, while the net profit attributable to shareholders was 12.9 billion CNY, up 10.2% year-on-year [3]. - The bank's net interest margin (NIM) for 2024 was 1.66%, showing a narrowing decline compared to previous periods, indicating a stabilization in interest income [8]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% at the end of 2024, maintaining a low level [10]. Summary by Sections Financial Performance - In 2024, Chengdu Bank achieved operating income of 230 billion CNY, a 5.9% increase year-on-year, and a net profit of 129 billion CNY, reflecting a 10.2% growth [3]. - For Q1 2025, the bank reported operating income of 58 billion CNY, up 3.2% year-on-year, and a net profit of 30 billion CNY, a 5.6% increase [3]. Revenue Composition - The growth rates for net interest income and non-interest income in 2024 were 4.6% and 11.7%, respectively, with a notable decline in non-interest income growth in Q1 2025 [4][9]. - Non-interest income accounted for 17.4% of total revenue in Q1 2025, down 2.3 percentage points from 2024 [9]. Asset Quality - The NPL ratio remained stable at 0.66% at the end of 2024, with a coverage ratio of 456% [10][11]. - The bank's credit impairment losses for Q1 2025 were 8.6 billion CNY, showing a slight decrease compared to the previous year [10]. Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio was 8.8%, with a risk-weighted asset (RWA) growth rate of 16.1% [11][33]. - The bank's capital structure has been strengthened through the conversion of convertible bonds, increasing the total share capital [11]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 3.16, 3.27, and 3.35 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 5.61, 5.42, and 5.30 [12][34].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 20.02 [8] Core Views - The company demonstrates stable performance with a solid foundation, as evidenced by a year-on-year increase in net profit, revenue, and pre-provision operating profit of 5.6%, 3.2%, and 3.5% respectively in Q1 2025 [1] - The company focuses on strengthening its deposit base through robust credit issuance, maintaining a leading position in the industry [2] - Financial investment remains stable, although there is a marginal decline in intermediary income due to market fluctuations [3] - Asset quality is stable, with non-performing loan ratios remaining low, although there are slight fluctuations in retail segments [4] - The company is projected to achieve a target price-to-book (PB) ratio of 0.95 for 2025, reflecting its strong fundamentals and expected valuation premium [5] Summary by Sections Performance Overview - In Q1 2025, the company reported a net profit of RMB 137.5 billion, with revenue growth slowing primarily due to declining interest margins [1] - The company plans to distribute a cash dividend of RMB 0.89 per share for 2024, maintaining a dividend payout ratio of 30% [1] Credit and Deposits - As of March, total assets, loans, and deposits increased by 13.3%, 16.9%, and 15.6% year-on-year, respectively, indicating strong credit expansion [2] - The company focuses on corporate loans, particularly in industrial park construction, which is expected to drive growth [2] Financial Investments - Investment income increased by 11% year-on-year in Q1 2025, although the growth rate has slowed due to bond market volatility [3] - Intermediary income saw a significant decline of 32.4% year-on-year, primarily due to reduced income from wealth management fees [3] Asset Quality - The company maintains a stable asset quality with a non-performing loan ratio of 0.66% and a provision coverage ratio of 456% as of March [4] - The annualized credit cost for Q1 2025 was 0.47%, reflecting a slight increase from the previous quarter but remaining within a low range [4] Valuation and Forecast - The company is projected to achieve net profits of RMB 137.5 billion, RMB 149.0 billion, and RMB 163.4 billion for 2025, 2026, and 2027 respectively [5] - The forecasted book value per share (BVPS) for 2025 is RMB 21.19, corresponding to a PB ratio of 0.83 [5]

证券代码：601838 证券简称：成都银行 公告编号：2025-031 成都银行股份有限公司 关于拟变更注册资本并相应修改公司章程的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 特此公告。 成都银行股份有限公司董事会 二、修改公司章程情况 本公司拟对公司章程中涉及注册资本、股份总数的相关条款进 行相应修改，具体修改内容如下： 1 | 序号 | | 现条款 | | 修改后条款 | | --- | --- | --- | --- | --- | | 1 | 第六条 | 本行注册资本为人民币 | 第六条 | 本行注册资本为人民币 | | | 3,735,735,833 | 元。 | 4,238,435,356 | 元。 | | | 第二十条 | 本行的股份总数为 | 第二十条 | 本行的股份总数为 股，全部为普通股， | | 2 | 3,735,735,833 | 股，全部为普通 | 4,238,435,356 | | | | 股，每股面值 | 1 元。 | 每股面值 1 元。 | | 除上述修改外，公司章程其他条款内容保 ...

成都银行 A股主板上市 (601838) BANK OF CHENGDU 【 】【 FREES 服用 -- L F 【】【】 t 1 版 6.0 → 成都银行 飞 c ∞ 成都银行 www.bocd.com.cn @ l 2) 95507 , Ta L IN 言 3 = T 报告时间范围 2024年1月1日至2024年12月31日，部分内容超出上述范围。 报告组织范围 报告覆盖成都银行股份有限公司总行、分支机构。为便于表述，在报告中"成都银行股份有限公司"以"成都银行""我行""本 行"表示。 报告发布周期 年度报告。 报告编制依据 报告依照原中国银保监会（现国家金融监督管理总局）《关于加强银行业金融机构社会责任的意见》、《商业银行公司治 理指引》、中国银行业协会《中国银行业金融机构企业社会责任指引》、上海证券交易所《上海证券交易所上市公司自律 监管指引第1号——规范运作（2023年12月修订）》和《上海证券交易所股票上市规则（2024年4月修订）》编制指引相 关要求进行编写。 报告保证方式 本行董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担法 ...

公司代码：601838 公司简称：成都银行 成都银行股份有限公司 2024年度内部控制评价报告 成都银行股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的 ...

成都银行股份有限公司 董事会关联交易控制与审计委员会 2024 年度履职情况报告 根据《银行保险机构公司治理准则》《上市公司治理准 则》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等监管规定以及《成 都银行股份有限公司章程》和《成都银行股份有限公司董事 会关联交易控制与审计委员会工作细则》等规定，现将成都 银行股份有限公司（以下简称"本行"）董事会关联交易控 制与审计委员会 2024 年度履职情况报告如下： 一、委员会构成情况 本行第七届董事会关联交易控制与审计委员会由五名 董事构成，分别为主任委员宋朝学先生（独立董事），委员 何维忠先生、董晖先生、甘犁先生（独立董事）、邵赤平先 生（独立董事）。2024 年 6 月，本行董事会完成换届工作， 第八届董事会关联交易控制与审计委员会由三名委员构成， 分别为主任委员余海宗先生（独立董事），委员何维忠先生、 马骁先生（独立董事）。委员会中独立董事占比超过二分之 一，且具备财务、审计等方面的专业知识和工作经验，符合 监管规定以及《成都银行股份有限公司章程》和《成都银行 股份有限公司董事会关联交易控制与审计委员会工作细则》 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-032 成都银行股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 拟聘任的会计师事务所名称：毕马威华振会计师事务所（特 殊普通合伙） 1.基本信息 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业， 更名为毕马威华振会计师事务所（特殊普通合伙）（以下简称"毕马 威华振"），2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。毕马威华振总所位于北京，注册地址为北京市东城 区东长安街 1 号东方广场东 2 座办公楼 8 层。毕马威华振的首席合伙 人邹俊，中国国籍，具有中国注册会计师资格。截至 2024 年 12 月 31 日，毕马威华振有合伙人 241 人，注册会计师 1,309 人，其中签 署过证券服务业务审计报告的注册会计师超过 300 人。 1 毕马威华振 2023 年经审 ...

成都银行股份有限公司董事会 关联交易控制与审计委员会对会计师事务所 履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《国有企业、上市公司选聘会计师事务所管理 办法》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》和《成都银行股份有限公司章程》等规定和要求，2024 年，成都银行股份有限公司（以下简称"本公司"）董事会关联交 易控制与审计委员会认真履行忠实和勤勉义务，恪尽职守，审慎 履行对会计师事务所的监督职责，具体情况如下： 一、会计师事务所基本情况 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立， 于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制 企业，更名为毕马威华振会计师事务所（特殊普通合伙）（以下 简称"毕马威华振"），2012 年 7 月 10 日取得工商营业执照，并 于 2012 年 8 月 1 日正式运营。毕马威华振总所位于北京，注册 地址为北京市东城区东长安街 1 号东方广场东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会计师 资格。截至 2024 年 12 ...